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News Release - November 22, 2010 6:36 PM ET 

 

 

Metanor Receives NI 43-101 Resource Estimate Report, SGS Geostat Identifies Barry Gold Deposit as Comparable in Potential to Osisko and Detour Gold

 

NEW YORK, NY, November 22, 2010 /Sector Newswire/ - Metanor Resources Inc. (TSX VENTURE: MTO) (US Listing: MEAOF) (Frankfurt: M3R) is the subject of a Mining MarketWatch Journal review offering insight and opportunity afforded investors as Metanor has two projects of significance located in stable, mining friendly Quebec that together are expected to take MTO.V to mid-tier producer status (between 150,000 oz - 200,000 oz Gold per annum) within 2.5 years. Metanor is a new gold producer in the making utilizing their 100% owned Bachelor Lake Gold Mill in the prolific Abitibi Mining District of Quebec with large resource growth prospects on several fronts. The Barry property alone justifies a market cap for MTO.V several times the current as Metanor has found the gold system and is now tracking it -- the independent international professional geological firm SGS Geostat has now identified Metanor’s Barry deposit as comparable in potential to rival other major deposits in the area such as Osisko's Malartic gold deposit and Detour Gold's Detour deposit.

 

The full Journal review may be found at http://miningmarketwatch.net/mto.htm online.

 

Excerpts:

Metnaor possesses two projects of significance located in stable, mining friendly Quebec that together are expected to take MTO.V to mid-tier producer status (between 150,000 oz - 200,000 oz Gold per annum) within 2.5 years:

 

1) Barry Deposit & Property, Quebec:

The 100% owned Barry property resource estimate now sits at 309,500 oz Gold of Indicated Resources (7,701,000 t at 1.25 g/t Au) and 471,950 oz gold of Inferred Resources (10,411,000 t at 1.41 g/t Au) and is wide open for large resource growth expansion. The Barry deposit appears to hold achievable potential to take Metanor to mid-tier producer status. A new 25,000 m drilling program has commenced on Barry.
 
"…the exploration and development work at Barry has significantly increased the amount of resources. The mineralisation is open in all directions and the property has not been drilled out to its full extent. … In the context of larger tonnage with lower grade with an onsite mill, the property has the potential to become a significant low grade high tonnage deposit similar to the Aurizon (Joanna), Osisko (Malartic) and Detour Gold (Detour) deposits. The gold is in the system, the mineralized fluids have circulated in the major shear." Source: SGS Geostat

 

2) Bachelor Lake Mine & Mill, Quebec:
Metanor has proven production capability with well over 40,000 ounces Gold poured at 100% owned Bachelor Lake mill. High grade Bachelor Lake underground ore source set to come online. Management has brought the mill up to 1200TPD capability with ~95% recovery (feeding it on an interim bases with ore from Barry). Metanor is progressing with plans to go underground at Bachelor Lake; the contractor is on site now to sink the shaft deeper and once accessed, Mining MarketWatch Journal projects production to reach ~60,000 ounces Gold per annum (and higher when more work stations come online) with cash ~US$500.

 

Sprott Asset Management has taken an equity position in MTO.V and for good reason -- with two projects of significance that together are expected to take Metanor Resources to mid-tier producer status (between 150,000 oz - 200,000 oz Gold per annum) within 2.5 years the time to pay attention is now while MTO.V is on sale (trading close to book value). Metanor Resources has both proven Gold pouring capability and strong resource growth on both fronts. MTO.V currently has >1,600,000+ oz of Gold in all categories at four of their properties and is expected to at least double the resource at Barry with the current 25,000m drill campaign on now. Metanor Resources' 100% owned gold milling facility is readily capable of producing a projected ~60K oz gold per annum once the high grade underground ore is accessed, has infrastructure replacement value of ~$150M, and sits geographically as the only mill located within 200 km in a gold rich district that possesses additional resources exceeding 1.6M oz. Metanor is also amassing properties within this area, near their Bachelor Lake Gold Mine & Mill, and will play a central role mining the resources in this region for decades. With only 144,410,739 shares outstanding and currently trading under CDN$0.60/share, the current valuation appears to present exceptional opportunity.

   

The full Journal review may be found at http://miningmarketwatch.net/mto.htm online.

 

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URLs.

 

SOURCE: Sector Newswire

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